Is MERS reconciliation time consuming due to false positive?
Leave this to automation and reduce your reconciliation time
We will share some insider’s knowledge of navigating the system’s many quirks, which include everything from unique ways of breaking down address fields to misalignment with the character limitations on some servicing systems.
Among the most frequent source of MERS rejections, we says, are errors in the fields for:
- property address
- borrower names
- borrower social security numbers
- Investor loan number and organizational ID
- servicer organizational ID
- validated county listings
Why MERS Reconciliation and How we do it?
- Reconciliation is required to be done on a quarterly basis for MERS General Member
- Request MERS Reconciliation Extract to compare with the Servicing Extract
- Perform mapping of MERS data with Servicing system data
- Prepare Workflow to review defect entries
- Prepare correction file for MERS data and servicing data correction
- Maintain evidence of comparison for last 12 months
- Provide Production and reconciliation reports and real time workflow updates
- System generate reject reports, Loans with Defect entries, Loans with No defect entries, output files aligned with MERS MIN Update format